Anyone who wants to know something about just about any economist who ever lived might try:
http://cepa.newschool.edu/het/alphabet.htm#ilet Most notable among the missing is one J. Iscariot, the first person on record to have placed a value on human life. Ed Ed Weick 577 Melbourne Ave. Ottawa, ON, K2A 1W7 Canada Phone (613) 728 4630 Fax (613) 728 9382 > There is lots on Keynes on the web. Here is one bit of info. > > ===================================== > > > John Maynard Keynes is unquestionably the major figure in twentieth- century > economics. His reputation does not rest solely on the General Theory of > Employment, Interest and Money (1936), which initiated the so-called > Keynesian Revolution, but also on his other writings, most notably A > Treatise on Probability (1921) and A Treatise on Money (1930). > > He lived life to the full, not only as an economist and statesman, but also > as a journalist, art collector, bibliophile, and patron of the arts. > > His criticism of the peace treaty of Versailles (1919) with Germany in The > Economic Consequences of the Peace (1919) made him famous overnight and > effectively undermined public support for the treaty. > > During the crises of the 1920s he came increasingly to identify conservative > economic policies as the cause of Britain's economic problems. From this > beginning, he developed a new theory of income determination, grounded in > the concept of the 'consumption function', the 'liquidity preference theory > of interest', and the inflexibility of money wages. > > The unemployment crises inspired his two great works, A Treatise on Money , > (1930) and the revolutionary General Theory of Employment, Interest and > Money , (1936). He argued that full employment was not an automatic > condition, expounded a new theory of the rate of interest, and set out the > principles underlying the flows on income and expenditure, and fought the > Treasury view that unemployment was incurable. > > Unemployment, Keynes showed, was due to a deficiency in the demand for goods > and services. Governments could, by adjusting their own spending, overcome > that deficiency. Control of the money supply and interest rates could also > influence investment. Economic cycles could be ameliorated by macro-economic > fine-tuning. The scourge of unemployment could be eliminated through > enlightened monetary and fiscal policies. > > As well giving influential advice to the British Treasury, Keynes's views on > a planned economy influenced Roosevelt's "New Deal" administration. He also > played a central role in the Bretton Woods Conference of 1944 which created > the International Monetary Fund and the International Bank for > Reconstruction and Development. > > His influence on economics was such that the thirty-year boom in Western > industrial countries (1945-75) has been called the Age of Keynes. > > > -----Original Message----- > From: Brad McCormick, Ed.D. [mailto:bradmcc@;cloud9.net] > Sent: Thursday, October 31, 2002 6:03 PM > To: Cordell, Arthur: ECOM > Cc: [EMAIL PROTECTED]; [EMAIL PROTECTED]; > [EMAIL PROTECTED] > Subject: Re: Last words? ( was Re: Moral hazard (was Re: Or poorer > > > I know little about Keynes. > > But I seem to recall that he wrote a sane and > humane document about how WOrld War I should > have been settled. (I think I read it some > years ago.) > > As we know, the conditions imposed on Germany > at "Versailles" virtually assured what we now call: > > a payback. > > Maybe I misremember. But if I am right, > then there are other criteria for judging Keynes than > economics narrowly considered. > > \brad mccormick > > > > [EMAIL PROTECTED] wrote: > > > > I think Keith is being a bit harsh with Keynes. And with the welfare > state > > as well. > > > > Coming out of WW2 nations were concerned that the depression would > > re-emerge. There was a great deal of fear that unemployment would occur > > once again. Hence the (about 1946) legislation in the US (and elsewhere) > > to aim toward full employment as a national goal. > > > > Sure there are "bad guys" everywhere, but the intent of Keynes and the > > impact of his work and thinking was to make the lives of all of us > > considerably better. No magic solutions, but the work of a good dentist > (as > > Keynes claimed economists should see themselves.) > > > > (I know this won't get settled, but just had to put my 3 cents in---with > > inflation.) > > > > arthur > > > > -----Original Message----- > > From: Keith Hudson [mailto:khudson@;handlo.com] > > Sent: Wednesday, October 30, 2002 4:05 PM > > To: Ed Weick > > Cc: [EMAIL PROTECTED] > > Subject: Last words? ( was Re: Moral hazard (was Re: Or poorer > > > > Ed, > > > > At 13:54 30/10/02 -0500, you wrote: > > >Keith, we are in danger of going on and on and on, but I really do want > > >another word. There really was deflation in the 1930s. And there really > > >was a Great Depression in which economies ground to a standstill and in > > >which many millions of people were unemployed. Though I hate revealing > my > > >age, I'm old enough I remember my father being very angry when he had to > > >apply for "relief", riding the freight trains to Alberta to try of find a > > >job, and seriously thinking about breaking windows to get our family > > >deported to Poland. > > > > Touché. My father was a skilled toolroom worker and was out of work for > > several years during the Depression. I wore second-hand clothes until I > was > > 15. I never saw or used ordinary toilet soap or paper until I was 15 or > 16. > > > > > > (EW) > > >I don't think people who tried to find solutions to the > > >situation should be characterized as being patronizing do-gooders who > were > > >little different from the landed classes they supposedly replaced. > Simply > > >having wealth should not be taken to mean that you don't have a social > > >conscience. There were many social reformers who came out of wealthy > > >backgrounds, Robert Owen, for example, or the Fabians. > > > > I'm afraid that's how I characterise them. On reading Robert Skidelsky's > > biography of John Maynard Keynes (three volumes -- 5" thick in total -- > > more than 1500 pages) one won't find any evidence of his ever having > spoken > > to an ordinary working man in the whole of his life (except perhaps a > > proctor or two at the university). Now I am not saying that Keynes (like > > Robert Owen) was not well-meaning or not kindly-disposed to ordinary > > people, but he had absolutely no idea of what they were or how they > > thought. The nearest current living example we have is Anthony > > Wedgewood-Benn, a Labour MP for over 40 years and as left-wing as any. But > > he hardly ever speaks to ordinary people (except from a platform). Like > > Keynes, he has great family wealth (in Benn's case, held in a trust, so it > > can probably be passed on to his [MP] son without paying inheritance tax). > > In my past active political life I knew two or three peers of the realm of > > a similar sort -- rich and influential people whose heart was definitely > in > > the right place as far as ordinary people were concerned -- but who really > > had no idea about them. (I know that Churchil had aristocratic origins so > > he's not an example of the reformist liberal types I'm mentioning here -- > > but, like Keynes and his ilk, he never ever had the experience of > > travelling on a London omnibus or going into a shop to buy ordinary > goods!) > > > > (EW) > > >Keynes was neither a socialist nor a do gooder. All he did was look into > > >the matter of why economics, as taught in the 19th century and the > earlier > > >part of the 20th, could not explain why capitalist economies suffered > > >periodic depressions. IMHO, neither his analysis nor his recommendations > > >were what ended the Great Depression. > > > > True. The irony is that if Keynes' methods had been tried during the 30s > > they would probably have helped greatly at the time (although there would > > have a price to be paid later). One of the reasons that made the > Depression > > stick (in England) for so long (compared with the fairly brief trade > > recessions of the previous century) was that, for reasons of imperialist > > obstinacy, Churchill (then Chancellor) fixed the pound at too high a > price. > > > > Keynesianism only came into play when the new young Oxbridge economists of > > the 30s had matured and reached positions of power within the Treasury > > after WWII. Keynesianism was then used to "fine-tune" the economy (or so > > they thought) even though it wasn't necessary and, in due course, brought > > about the galloping inflation that we're talking about here. > > > > (EW) > > WWII did that, and it also led to a > > >prolonged postwar boom catalyzed by "pent-up demand" and the need to > > >reconstruct Europe. If he has a lasting legacy, I would suggest that it > is > > >the identification of government as a major player in the economy. > > >Following Keynes, governments could no longer hide behind laissez-faire > > >arguments that the economy was solely a matter for the markets. They had > > to > > >do what governments are supposed to do - govern. > > > > You see governments coming into play as necessary (and benign!) agents in > > hard times. I see governments as being places to which ambitious people > are > > constantly attracted. These people may be anywhere on a scale between > being > > reasonably well-disposed and crooks/nasty people of the deepest hue -- but > > nevertheless, all of them like power and will not give it up willingly. In > > my industrial life I knew scores and scores of men who were offered > > promotion (sometimes with more earnings, sometimes not, but always with > > more power, of course). I never knew a single person who ever turned > > promotion down. > > > > >I've read nothing by Keynes, or about him, that suggested that he > favoured > > a > > >welfare state. As I tried to argue previously, both socialism and the > > >welfare state came out of different traditions, both of which have a long > > >history. While that history has included do-gooders, it has also > included > > >many people on the front lines who were willing to lay down their lives > for > > >a fairer and more just society. > > > > True, Keynes wasn't a socialist but he was much inclined to state > welfarism > > -- whether of the Beveridge variety or as financial support for > > (middle-class) performing arts. He was well within the liberal-welfare > > state tradition (which is called socialism today) which started from about > > the 1870s (when Forster nationalised the schools by trickery) and > persisted > > through until (I suggest) the 1970/80s. > > > > On these matters of welfarism, I suppose we'll have to leave our > discussion > > hanging in the air as usual! > > > > Keith > > > > > -------------------------------------------------------------------------- -- > > -------------- > > Keith Hudson,6 Upper Camden Place, Bath BA1 5HX, England > > Tel:01225 312622/444881; Fax:01225 447727; E-mail: [EMAIL PROTECTED] > > ________________________________________________________________________ > > -- > Let your light so shine before men, > that they may see your good works.... (Matt 5:16) > > Prove all things; hold fast that which is good. (1 Thes 5:21) > > <![%THINK;[SGML+APL]]> Brad McCormick, Ed.D. / [EMAIL PROTECTED] > ----------------------------------------------------------------- > Visit my website ==> http://www.users.cloud9.net/~bradmcc/
